Do you or your company own an aircraft? Not sure if you need aviation insurance for your seaplane? Read our in-depth guide to airplane insurance and learn how to vet what coverage you actually need.
What is aviation insurance?
Just like home or auto insurance, aviation insurance protects your jet or personal aircraft from liability and damage claims. Without it, you could be liable for any bodily injury or death inflicted on your passengers or any property damage caused by your aircraft.
How does aircraft insurance work?
In order to get the best policies for your aircraft at the best price, you will want to work with an aviation insurance specialist. They will analyze your situation and help you decide on how much coverage you need. You will most likely require some level of liability and damage coverage, especially if your aircraft is used for commercial purposes. Your commercial general liability policy usually excludes coverage of any type of aviation vehicle or aircraft.
Is aviation insurance required?
If your plane is stored at a hangar owned by a fixed-base operator (FBO), then they will usually require proof of coverage in order to use their facilities. Without this proof, you will be denied landing permits both domestically and internationally.
What are the different types of aircraft insurance?
There are multiple different types and levels of aircraft coverage options, depending on the needs of the pilot or airplane owner. These include:
- Passenger liability
- Ground risk hull, both in-motion and non-motion
- Public liability
What kind of coverage you need will also depend on if your aircraft is used for personal or commercial purposes.
What does aviation insurance cover?
Aviation coverage depends on what type you and your aircraft insurance specialist is best for your situation. In general, policies cover:
- Passenger injury or death
- External hull damage, both on the ground and in flight
- Damage to hangars or property
- Damage to your aircraft due to natural disasters, vandalism, animals, and uninsured aircrafts
What types of planes are covered under aviation insurance?
Aircraft insurance covers multiple types and sizes of aviation vehicles, from small personal planes to large fleets of corporate jets. The type of planes covered include:
- Standard personal aircraft
- Commercial jets
- Charter planes
- Experimental aircraft
- Vintage planes
How much does aircraft insurance cost?
How much you pay for aviation insurance depends on many different factors, including use (personal or commercial), size of your plane, your experience flying if you will be the pilot, and type of aircraft. A small plane can expect to pay roughly $2,400 a year for coverage, while larger planes or multiple aircraft fleets will pay more.
Your plane needs coverage just like your commercial or personal property. You need to be sure you know what is required by your FBO and your state, as well as the risks of not having enough coverage.
The aviation insurance specialists at JAISIN have years of experience insuring aircraft for both personal and business use. They will help you search the market for the best coverage at the ideal price for your circumstances.